Turkey’s domestic scrap prices move up to compensate for weaker lira

Over the past week, most Turkish producers have increased their domestic scrap prices to compensate for the depreciation of the Turkish lira against the US dollar. The Turkish lira has exceeded another psychological threshold and is now at 30.09 to the dollar. The increase in local scrap prices was by TRY 200-600/mt or $3-17/mt. In rare situations where Turkish producers have kept their prices stable, their dollar-based quotations have declined by $2-3/mt week on week. Turkey’s import scrap market is set to stabilize, providing no support for an actual price increase in the local scrap market, apart from movement seen due to the volatile exchange rate.

The general range in the local Turkish scrap market for the benchmark DKP grade scrap has increased on the upper end from TRY 11,200-12,400/mt to TRY 11,200-12,465/mt. Dollar-based quotations are now at $372-414/mt, instead of $375-416/mt recorded last week.

All above prices are for deliveries to customer and exclude VAT. Exchange rate fluctuations are taken into consideration when calculating the dollar-based price changes. *Since domestic scrap purchase quotations of Koç Metalürji were not shared last week, the weekly price change for this producer is not included in the table.

$1 = TRY 30.09